National Treasury held the annual Annexure C Workshop on 4 and 5 December 2019, where items for inclusion in the 2020 legislative cycle were discussed. (Un)surprisingly, the amendment to the foreign employment exemption was on the agenda, AGAIN.
South Africans who are working abroad need to take note of a section in the Income Tax Act that allows them to claim a credit on their South African tax liability from any foreign taxes paid on the same income.
According to a recent article featured by Fin 24, South Africa is now ranked 84th out of 190 countries relating to comfort of doing business, compared to a very good position of 32nd in 2008. It is now rather obvious that dealing with technical business matters in your own capacity might not be in your […]
This week, on 26 November 2019, the National Assembly passed the latest tax bills, which is set to be promulgated by the President after it has been passed by the National Council of Provinces. On the face of it, some concessions have been made for individual taxpayers, but these offer cold comfort in the bigger […]
The Section 12J Venture Capital Company (VCC) sector is fast approaching its moment of reckoning, as a sunset clause comes into effect in June 2021.
SARS Views – Not a Law Unto Itself It is an unfortunate sight when tax advisors from varied backgrounds, but more so those who do not have a legal background, turn a blind eye to South African tax legislation and rather submit to the ever-dominating “views” of SARS.
A recent amendment to section 10(1)(o)(ii) of the Income Tax Act, affecting South Africans working abroad, has resulted in major panic and concern. South African tax residents working abroad will now find themselves having to pay tax on their income insofar as it exceeds R1 million.
The impact of the future tax treatment of income earned by South Africans while they are living and working abroad has been widely publicised. It has also contributed to the first publication of its kind that deals with the tax considerations of South Africans abroad or those with international interests, and foreigners working and living […]
The capping of the “expat tax” exemption on 28 February next year has become a hot topic of conversation among South Africans who work outside of the country or who are considering availing themselves of supposedly lucrative foreign employment opportunities. A major benefit of these jobs has been the ability to use the exemption to […]
The South African Chamber of Commerce (“SACC”) in the United Kingdom is pleased to announce that it has secured a presentation by Jerry Botha, from Tax Consulting South Africa (“TCSA”), on the new expatriate tax law change promulgated under South African law effective 01 March 2020. This is hot off the heels of the sold-out […]